Financing and Credit

I am looking for private financing for buy and holds, and not having much success any suggestions?

I have a list of private money lenders I found through some research online. I was thinking that I would write a letter and send it to each asking if they would like to invest with me. Does anyone have any suggestions or maybe an example of a letter to look at? Are there any laws that I need to be aware of when asking people I don't know for money?
Thanks, James

Self Employed borrowers will need a P&L and a Balance Sheet if more than a calendar quarter has elapsed since the date of the most recent calendar or fiscal-year end tax return was filed by the borrower – with no exceptions.

Additionally, If the income used to qualify the self-employed borrower exceeds a two-year average, you will need an audited P&L or a signed quarterly tax return obtained from IRS. (required!)

So as you can see, after April 1st things are tightening up again - so if you fit the profile and are closing after 4/1/12 you need to have the lender re-review everything so things don't stop at the closing table.

Im always coming across investors who needs money to finance thier deals, but I dont have any money to offer them. I talk to a private lender and I told him I would referral investors over to him if he charges them an extra 3-4% interest, that way I could make money off the spread. He told me it was illegal to do that. Is that true, and do anyone knows any private lenders who will actually do this?

I am looking for help. I have a seller that has properties that are currently occupied and cashflowing. I would like to know if anyone knows of any institutions that lend with no money down and lend based on the deal only not personal credit. Thanks for the help.

Warren

Hello All:

I'm looking for a home equity line or loan on a 2-family investment property in Central CT.

I have approximately $50K of equity in the property and I'm looking for a loan of about $10-$15K to use as starter money for another project.

Can you help?
Do you know a good broker or place to go?

Any input would be appreciated!

A new era in filing requirements is about to begin. For the first time, the Financial Crimes Enforcement Network, known as “FinCEN,” will require nonbank mortgage lenders and originators to implement an Anti-Money Laundering program (“AML Program”) and file Suspicious Activity Reports (“SARs”) for certain loan transactions.

FinCEN is establishing this AML program in accordance with the Bank Secrecy Act (“BSA”).

Good morning! I have a chance to buy a home from an estate sale for 155k. Needs 39k in rehab. Comps come in at 390-420k. Sales have been in the 45-90 day range. Located just north of Grand Rapids, Mi. Willing to look at any arrangement. I've just completed my second small deal (bought for 18k and sold for 39k 3 bed/two bath) but still trying to get my credit back where it needs to be and this is more than I can take on alone. Thanks, Brad

Hello,

I am interested in hearing from anyone who has tried Philip Tirone's Credit Clean up Program and exactly what is involved in the program. I watched the webinar, but it doesn't say if you are sending out dispute letters or what exactly is done. I would like to hear from others who have tried before purchasing it. Any info would be appreciated : )

Thank you,

Jenn
[email protected]

Digest this concept and see if it works for you...

Investor owns a paid for property worth $100K. Property cash-flows 1% or $1000 a month in rental income.

You offer $60K cash for the property. Assuming the Investor can earn 6% a month on his $60,000 cash... That would be $3600 a month cash-flow. Investor has cash and lots more cash-flow every month. Win-Win

Re-cap: $60,000 cash and $3600 a month cash-flow.

Of course, where to get 6% consistently every month..? Knowledge is Power!

Questions? Information is available upon request.

Decide if it is true and if it works for you.